Cyber Security Need Of The Hour For Indian Corporates

Pinakin is an enterprising leader & planner with 21 years of experience in streamlining operations, invigorating businesses, heightening productivity and improving systems & procedures and a senior level executive with expertise in Enterprise Business Management and Channel & Alliances Management with an organisation of high repute.

In the COVID-19 era, technology has proved to be a blessing in disguise for people across the world. From performing banking transactions to virtual office meetings, technology has played a vital role in ensuring the smooth functioning of businesses, despite the worldwide lockdown. With work being conducted online and customer data so readily accessible, it’s all about being secure on the internet. Without doubt then, cyber security has taken center stage in this day and age. Given that large amounts of transactions are done on the internet and quintillion bytes (1018) of data are exchanged daily, cyber security plays a key role in bringing in the element of trust in technology.

Banking is one sector that has always focused on embracing technology, not just to improve the customer experience but also to ensure consumer security. By employing the latest tech in cyber security, banks have been successful in building trust among their customers. Indian banking is evolving and adopting new technologies at a rapid pace. For them, balancing between user experience and security is very important for these financial institutions to retain customer trust. Even if there is a chance that the bank is not at fault, connecting to free Wi-Fi or an untrusted network might breach the security system. Hence it is an important need to build a robust security infrastructure around applications to ensure a safe banking environment.

Cyber security solutions, be it at the infrastructure level, mobile application level or server application level need to be updated with cutting-edge technology

The Changing Cyber Security Dynamics in the Hybrid Workplace/
There is a paradigm shift that has taken place in the adoption of technology by organizations. Earlier, companies provided devices to work in the office (laptops/mobile phones/notebooks) and provided a secure network to work on, but things have changed after the COVID-19 pandemic induced lockdown. Employees were now allowed to use their own or company’s devices with the network available at home. This shift in their working environment ushered in a real threat for the companies. They are now vulnerable to who is actually accessing their data behind that particular device. Firms are now using behavioral authentication, so they can ensure who is behind the device and verify their identity. As companies adopt for a work-from-home model or a hybrid work culture, they're implementing solutions that will ensure that their data remains safe. This also ensures access only to those users who are actually supposed to access the data and not third parties.

Tactics to Secure Computer Systems and Networks for Business from Data Breach
When devices are out of their organization’s environment, they are open to a data threat. The average user is almost always unaware of the threats that lie outside their networks. That’s why implementing technologies like access management solutions and authentication solutions becomes very important. Companies need to keep the data stored in their servers or at the end user level in an encrypted format so that even if the device is in an unsafe environment, no fraudster can access that data without the required encryption keys. It is important to shield the app so that even if one can access the device, they cannot access the critical transaction which includes banking apps.

During festival times especially, online sales are at an all time high, and people are bombarded with popups on their phones. These links could lead the user to download malware which usually leads to screen overlay attacks, a common outcome of such schemes. Overlay attacks happen when a fraudster places a window over a legitimate application on the device. Users will interact with the window, thinking they are performing their intended function, but they are actually engaging with the attacker’s overlay window and executing the attacker's desired function and might end up giving their bank details.

How Emerging Technology can ensure a Strong Cyber Security Environment
Not just emerging technologies, but also legacy traditional technologies and the current ongoing technologies can ensure a robust cybersecurity environment. To maintain a healthy and secure environment, it is extremely important to keep applications, and hardware infrastructure up to date. Cyber security solutions, be it at the infrastructure levelmobile application level or server application level need to be updated with cutting-edge technology. This is the best possible solution to avoid any frauds.

Cyber Security view on Involvement of Third-Party and Cloud Storage of Data
The use of third-party and cloud for storing data has two sides. The cloud infrastructure with different backup instances ensures that the uptime commitment and services are available at all times. It ensures the reliability of data being accessible at all times along with providing a secure environment. Here is where cyber security companies come in these firms with their advanced technologies ensure every aspect of safety for both consumers and banks and small and medium businesses.